SEOUL -- South Korea's economy has slowed as rate hikes aimed at controlling inflation and protecting the won have pushed up mortgage rates and weakened consumer spending.
Economy
South Korea's mortgage rates balloon, dampening spending
Economy continues to slow as central bank focuses on protecting the won
Seoul's Myeong-dong district, known for international fashion brands and luxury department stores. High interest rates have become a significant burden on households. (Photo by Hiroshi Minegishi)
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